Ping An of China's overall operations are expected to improve comprehensively by 2025, with net operating profit attributable to the parent increasing by 10.3% year-on-year. The total cash dividend distribution is 48.891 billion yuan, marking 14 consecutive years of growth.

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On March 26, 2026, Ping An Insurance (Group) Company of China, Ltd. (hereinafter referred to as “Ping An”, “the Company”, or “the Group”, stock code: Hong Kong Stock Exchange 02318, Shanghai Stock Exchange 601318) today announced its annual results for the year ended December 31, 2025.

In 2025, the macro environment was complex and ever-changing, with the strong resilience of the Chinese economy and the deep momentum of structural upgrades providing a solid stage for Ping An to overcome challenges and develop steadily. The Company continued to deepen its “comprehensive finance + healthcare and elderly care” strategy, building core competitiveness through “service differentiation,” and delivered a comprehensive annual report characterized by positive performance, high-value growth, strategic deepening, and service innovation. The Company achieved an operating profit attributable to the parent company shareholders of CNY 134.415 billion (RMB, the same below), a year-on-year increase of 10.3%. The net profit attributable to the parent company shareholders, after deducting non-recurring gains and losses, was CNY 143.773 billion, a year-on-year increase of 22.5%. The equity attributable to the parent company shareholders broke through CNY 1 trillion for the first time, reaching CNY 1,000.419 billion, an increase of 7.7% compared to the beginning of the year. In return for shareholders, the Company plans to distribute a cash dividend of CNY 1.75 per share for the year-end of 2025; the total cash dividend for the year amounts to CNY 48.891 billion, marking a continuous increase for 14 years. The life insurance and health insurance businesses maintained growth, with new business value of CNY 36.897 billion, a year-on-year increase of 29.3%. The investment performance of insurance funds was excellent, achieving a comprehensive investment return of 6.3%.

The financial needs of residents are becoming more diversified, creating greater opportunities for comprehensive finance. During the 14th Five-Year Plan period, China will accelerate the construction of a financial powerhouse, and by 2030, the scale of the Chinese middle class is expected to account for one-third of the global middle class. To solve the traditional financial pain points of being time-consuming, labor-intensive, and costly, specialized, personalized, and integrated financial services are ushering in broader market opportunities.

Comprehensive finance·Ninety-Nine Returns to One, creating a comprehensive solution of “one customer, multiple accounts, multiple products, one-stop service.” Ping An’s comprehensive financial model has unique advantages. The four categories of products—protection, assets, credit, and services—meet customers’ all-round needs. Company data shows that the retention rate of customers holding three or more products reaches 99%, significantly enhancing customer loyalty; service products improve customer stickiness, and in 2025, the retention rate of customers enjoying healthcare and elderly care ecosystem services reached 93%. The integration of online and offline channels achieved in-depth customer management. The offline channel has over 7,000 outlets and a sales service team of more than 1.3 million full-time and part-time staff, covering 330 major cities nationwide. As the main force of deep management, life insurance agents’ per capita productivity increased by 17.2% year-on-year in 2025; Ping An Bank’s average productivity per outlet grew by 126% year-on-year in 2025; Ping An Property & Casualty Insurance migrated 4.5 million customers from other Group companies over the past three years. The online AI “quick service” entrance efficiently converts, connecting multiple apps and various service scenarios. In 2025, the average monthly active users online were approximately 90 million. The comprehensive financial model significantly improves efficiency and reduces costs. By the end of 2025, the number of valued customers increased by 6% compared to the beginning of the year, and the internal customer acquisition cost saved an average of 35%-45% compared to external customer acquisition costs.

The deepening of the comprehensive financial strategy continues to enhance customer management efficiency. The number of customers steadily grew, with the Group’s individual customer base reaching 251 million by the end of 2025, an increase of 3.5% compared to the beginning of the year. The customer retention rate remained high, with the retention rate of customers holding three or more products within the Group reaching as high as 99% in 2025. Customer value continues to be released, with the average number of contracts per customer reaching 2.94 by the end of 2025, an increase of 0.7% compared to the beginning of the year. The proportion of customers who have been served for five years or more reached 75.0%, with their average number of contracts being 1.7 times that of newly added customers in the first year.

In 2025, the Company’s financial sector core business achieved high-quality development. The life insurance and health insurance businesses maintained a high growth trend. In 2025, the new business value of life insurance and health insurance reached CNY 36.897 billion, a year-on-year increase of 29.3%; the new business value ratio (based on standard premiums) was 28.5%, an increase of 5.8 percentage points year-on-year. Multi-channel high-quality development resulted in a year-on-year increase of 10.4% in new business value from the agent channel, with per capita new business value increasing by 17.2% year-on-year; new business value from the bancassurance channel increased by 138.0% year-on-year; contributions from the bancassurance channel, community financial services, and other channels to the new business value of Ping An Life Insurance increased by 12.1 percentage points year-on-year. The “insurance + service” layout deepened, with Ping An Life Insurance serving 18.298 million customers using healthcare and elderly care services in 2025. Business quality continued to improve, with a 13-month policy continuation rate of 97.4%, an increase of 1.0 percentage points year-on-year; and a 25-month policy continuation rate of 94.9%, an increase of 5.2 percentage points year-on-year.

The property and casualty insurance business achieved a “double excellence” in scale and quality. In 2025, Ping An Property & Casualty Insurance’s original insurance premium income was CNY 343.168 billion, a year-on-year increase of 6.6%; insurance service income was CNY 338.912 billion, a year-on-year increase of 3.3%. The overall comprehensive cost ratio was 96.8%, optimized by 1.5 percentage points year-on-year. The comprehensive cost ratio for auto insurance was 95.8%, optimized by 2.3 percentage points year-on-year. In-depth exploration of the “insurance + technology + service” model solidly implemented the “five major articles” of finance, providing risk protection of CNY 373.04 trillion for 2.93 million small and micro enterprises, underwriting 3.26 million technology insurance policies, and providing risk protection of CNY 9.29 trillion. Risk reduction improved service quality and efficiency, with accumulated damage reduction exceeding CNY 707 million for the year, and natural disaster warnings issued for 420,000 events, serving 130 million customers.

The investment performance of insurance funds was excellent, and the asset allocation capability remained stable over the long term. By the end of 2025, the Company’s insurance funds investment portfolio size was CNY 6.49 trillion, an increase of 13.2% compared to the beginning of the year. Adhering to the guiding principle of long-term investment and matching liabilities, the Company achieved good and stable investment returns through balanced investment strategies including fixed income, equity, and alternative investments. In 2025, the insurance funds investment portfolio achieved a comprehensive investment return of 6.3%, an increase of 0.5 percentage points year-on-year.

Banking operations remained steady, and the overall asset quality was stable. In 2025, Ping An Bank achieved a net profit of CNY 42.633 billion; as of December 31, 2025, the non-performing loan ratio was 1.05%, a decrease of 0.01 percentage points compared to the beginning of the year; the provision coverage ratio was 220.88%, and the risk compensation capacity remained good; the core Tier 1 capital adequacy ratio increased by 0.24 percentage points to 9.36% compared to the beginning of the year. Retail business showed high-quality and sustainable development, managing retail customer assets (AUM) of CNY 4,238.409 billion, an increase of 1.1% compared to the beginning of the year. Continuously supporting the real economy, as of December 31, 2025, the corporate loan balance increased by 3.5% compared to the beginning of the year; serving new productive forces, the number of technology enterprise customers reached 31,900, an increase of 21.1% compared to the beginning of the year.

Society is accelerating into the “longevity era,” and high-quality healthcare and elderly care services have become urgent needs. The number of elderly people aged 60 and above in China has surpassed 300 million, and the average life expectancy of Chinese people has reached 79 years. At the same time, the industry faces pain points such as uneven medical resources, complex medical procedures, and high payment pressure on residents, making comprehensive, multi-level, and high-quality healthcare and elderly care services an urgent and rigid demand for residents.

Building an upgraded version of the management-style healthcare model with Chinese characteristics, becoming a leading operator of elderly care ecosystems in China, and helping customers achieve the coordinated development of finance and health. Based on the solid foundation of “comprehensive finance,” Ping An represents the payer and integrates suppliers to provide customers with the most cost-effective healthcare and elderly care solutions covering the entire life cycle. The multi-level protection system enhances customers’ payment capacity. In 2025, Ping An achieved health insurance premium income of CNY 159 billion, of which medical insurance premium income was nearly CNY 73.4 billion, a year-on-year increase of 2.7%. Technology empowerment improved diagnostic efficiency and service experience. In 2025, the Company launched AI products such as digital twins of renowned doctors, AI family doctors, and AI elderly care butlers, covering the entire process of customer prevention, diagnosis, and rehabilitation; it innovatively launched an AI multidisciplinary consultation (MDT) auxiliary platform for complex diseases, which has been applied in diseases such as breast cancer. Among them, AI doctors can accurately diagnose over 11,300 diseases, with an accuracy rate of 95.1% for AI-assisted diagnosis, and nearly 90% accuracy for AI multidisciplinary consultation treatment plans; AI + real doctors cover 100% of the Group’s individual customers, with nearly 12 million annual users of AI doctors, and the cost of a single consultation in the fourth quarter decreased by 45% year-on-year.

The “Four Arrivals” service network is continuously improving, building a “Five Best” service system. In terms of online access, in 2025, Ping An connected the “direct payment” scenario of online pharmacies, allowing corporate health management clients to complete online medication purchases paid directly from corporate health accounts. In terms of in-hospital access, direct payment for commercial insurance clients was realized, covering public hospitals (including special international departments), private hospitals, and overseas medical institutions; offline medication purchases for corporate health management clients can be paid via one-click code scanning, covering 77,000 pharmacies nationwide. In terms of at-home access, over 240,000 customers have received qualifications for at-home elderly care services. In terms of enterprise access, in 2025, Ping An covered over 95,000 corporate clients, serving over 60 million corporate employees throughout the year. Integrating the “Four Arrivals” service network, the “Five Best” system was built to provide the most suitable hospitals, doctors, treatments, medications, and timing.

By the end of 2025, Ping An had approximately 50,000 internal and external doctors, with over 3,500 contracted specialist doctors, and over 37,000 hospitals cooperating for claims service in China, with a 100% collaboration rate among the top 100 hospitals and tier-three hospitals in the country. In terms of self-operated health and wellness communities, the high-quality health and wellness community project “Zhenyi Nian” has been deployed in five cities, with a total of six projects, among which, Shanghai Yinian City·Jing’an No.8 has officially started operations, and Shenzhen Yinian City·Futian has entered trial operation. In terms of cooperative health and wellness communities, the Yixiang City Foshan Experience Center has started trial operations, with plans for future deployments in new first-tier cities.

Differentiated empowerment of medical and elderly care accelerates the financial main business, becoming a second growth curve. The healthcare and elderly care ecosystem effectively promotes customer insurance coverage rates and average premiums, with the insurance coverage rate for customers using medical and elderly services increasing by 4 percentage points in 2025; the average new single premium for life insurance customers with healthcare rights increased to 1.5 times; the average new single premium for home elderly care rights customers increased to 5.2 times; and the average new single premium for high-quality elderly care rights customers increased to 23.4 times. The flagship Beijing Medical Group of Ping An Group’s healthcare and elderly care ecosystem continues to grow, achieving operating revenue of CNY 5.723 billion in 2025; Ping An Health has built a management-style healthcare model with Chinese characteristics, establishing differentiated advantages, with operating revenue of CNY 5.468 billion and net profit of CNY 380 million in 2025.

Upholding the principle of “AI in ALL,” building leading technological capabilities, and empowering high-quality business development. By the end of 2025, Ping An’s database had accumulated 33 trillion bytes of data, covering 251 million individual customers, with more than 32 trillion high-quality textual data, 500,000 hours of annotated audio data, and over 8.5 billion image data. In 2025, over 230,000 employees of Ping An Group used the internal intelligent agent platform, developing over 70,000 intelligent agent applications, with model calls totaling 3.65 billion times for the year. Expanding the depth and breadth of AI applications. Improving experience, in 2025, life insurance achieved a claim ratio of 59%, and auto insurance smart issuance via the channel averaged 93% in one minute. Risk control, in 2025, Ping An Property & Casualty Insurance’s intelligent anti-fraud claims interception reduced losses by CNY 10.51 billion, continuing a three-year trend of loss reduction exceeding CNY 10 billion. Reducing costs, in 2025, achieving 94% of life insurance policies approved in seconds; Ping An’s AI service volume was approximately 1.702 billion times, covering 80% of total customer service volume. Promoting sales, in 2025, AI agents assisted in achieving sales of CNY 133.179 billion, with the “AI + human” intelligent renewal system assisting policy renewals by 30%, continuing customer protection.

Fulfilling social responsibility, serving green development and rural revitalization. The Company has invested over CNY 10.88 trillion to support the development of the real economy. By the end of 2025, the green investment scale of the Company’s insurance funds reached CNY 530.087 billion, with a green loan balance of CNY 266.433 billion; in 2025, the original insurance premium income from green insurance was CNY 76.474 billion, providing CNY 57.148 billion in support for rural industries. The Company’s MSCI ESG rating was upgraded to AAA, ranking first in the Asia-Pacific region in “comprehensive insurance and brokerage” for four consecutive years; selected into S&P Global’s “Sustainable Development Yearbook (China Edition) 2025,” being the only insurance company selected from mainland China.

2026 marks the beginning of the “14th Five-Year Plan,” and the long-term supportive conditions and fundamental trends of China’s economy remain unchanged. As the demand for financial insurance continues to be strong and the demand for residents’ health, medical, and elderly care services gradually increases, the Company’s business development will welcome new opportunities. In 2026, the Company will thoroughly study and implement the spirit of the National Two Sessions, always adhere to the original intention of serving the people through finance, and practice the operational principles of “high-value growth, service innovation, technology leadership, and compliance with laws and regulations,” deepening the dual-wheel strategy of “comprehensive finance + healthcare and elderly care” and technology-driven development, taking “service year” as an opportunity to continuously upgrade three major innovative service systems, enhance operational levels, strengthen risk management, and fully implement the financial “five major articles,” contributing to the high-quality development of finance with Chinese characteristics and accelerating the construction of a financial powerhouse.

(This article does not constitute any investment advice, and the information disclosure content is subject to the Company’s announcements. Investors should bear the risks of their operations based on this.)

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